India’s import of finished steel from China reached a five-year high in the first four months of FY24. During April-July, China was the second-biggest steel exporter to India, selling 0.6 million metric tonnes, up 62 per cent from the same period a year earlier.
In all, India imported 2 million metric tonnes of finished steel in the period, the highest since 2020 and up 23 per cent from a year earlier. China, the world’s top steel producer, exported mostly cold-rolled coil or sheets to India. South Korea was the top exporter to India, shipping out 0.7 million metric tonnes and accounting for 35 per cent of overall steel imports.
India, the world’s second-biggest crude steel producer, was, however, a net exporter of finished steel between April and July, with 2.6 million metric tonnes sold to buyers, including Italy, Spain, Belgium, Nepal and the UAE, the data showed.
India’s crude steel production stood at 45.8 million metric tonnes in April-July, up 11.5 per cent from a year earlier. Consumption of finished steel was 41.2 million metric tons, up 12.2 per cent on the year.
The government is expected to extend export benefits under the RoDTEP scheme to iron and steel, chemicals and pharmaceutical sectors beyond September 30.
In December 2022, the government extended the benefits under the Remission of Duties and Taxes on Exported Products (RoDTEP) Scheme to chemicals, pharmaceuticals and products of iron and steel till September 30 this year. “As exports are not doing good for the last few months, there is a demand to extend it for about six months till March 2024. It is under consideration. We may extend it,” officials said.
